On November 1, 2025, Larkspur Inc. had the following account balances. The company uses the perpetual...
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On November 1, 2025, Larkspur Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $26,100 Accumulated Depreciation-Equipment $2,900 Accounts Receivable 6,496 Accounts Payable 9,860 Supplies 2,494 Unearned Service Revenue 11,600 Equipment 72,500 Salaries and Wages Payable 4,930 $107,590 Common Stock 58,000 Retained Earnings 20,300 $107,590 During November, the following summary transactions were completed. Nov. 8 Paid $10,295 for salaries due employees, of which $5,365 is for November and $4,930 is for October. 15 10 Received $5,510 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $23,200, terms 2/10, n/30. 12 Sold merchandise on account for $15,950, terms 2/10, n/30. The cost of the merchandise sold was $11.600. Received credit from Dimas Discount Supply for merchandise returned $900. S 19 Received collections in full, less discounts, from customers billed on sales of $15,950 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $6,670 cash for services performed in November. 25 Purchased equipment on account $14,500. 27 Purchased supplies on account $4,930. 28 Paid creditors $8,700 of accounts payable due. 29 Paid November rent $1,087. 29 2 2 2 29 Paid salaries $3,770. Performed services on account and billed customers $2,030 for those services. 29 Received $1,958 from customers for services to be performed in the future. Journalize the November transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit On November 1, 2025, Larkspur Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $26,100 Accumulated Depreciation-Equipment $2,900 Accounts Receivable 6,496 Accounts Payable 9,860 Supplies 2,494 Unearned Service Revenue 11,600 Equipment 72,500 Salaries and Wages Payable 4,930 $107,590 Common Stock 58,000 Retained Earnings 20,300 $107,590 During November, the following summary transactions were completed. Nov. 8 Paid $10,295 for salaries due employees, of which $5,365 is for November and $4,930 is for October. 15 10 Received $5,510 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $23,200, terms 2/10, n/30. 12 Sold merchandise on account for $15,950, terms 2/10, n/30. The cost of the merchandise sold was $11.600. Received credit from Dimas Discount Supply for merchandise returned $900. S 19 Received collections in full, less discounts, from customers billed on sales of $15,950 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $6,670 cash for services performed in November. 25 Purchased equipment on account $14,500. 27 Purchased supplies on account $4,930. 28 Paid creditors $8,700 of accounts payable due. 29 Paid November rent $1,087. 29 2 2 2 29 Paid salaries $3,770. Performed services on account and billed customers $2,030 for those services. 29 Received $1,958 from customers for services to be performed in the future. Journalize the November transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
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Financial Accounting Tools For Business Decision Making
ISBN: 9781119791089
10th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
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